Big Money Funding Mike Pence Gubernatorial Bid

Mike Pence's gubernatorial committee will report raising upwards of $1.5 million to date. While the quarterly report for his campaign committee is not due to be filed with the Indiana Elections Division until July 15, reports of large contributions raised since he announced his campaign last month give us a hint who he is relying on to bankroll his campaign--mainly large, wealthy contributors. Transfers from his federal congressional committee represented more than $250,000 of the $1.5 million raised. Pence relied on his federal committee to raise money for his gubernatorial bid to skirt a state law that prevented candidates from conducting fundraising activities while the General Assembly was in session this year. After backing out the transfers from his federal committee, he raised more than $630,000 from large contributions of $10,000 or more.

Pence's largest contributions included a pair of $100,000 contributions from billionaire Dean White and Anthony Moravec of Columbus. New Yorker Jeremiah Milbank III gave Pence $50,000. REI Real Estate Services, Stanley Herzog, James Ackerman, Hart Hasten and Fred Klipsch each chipped in $25,000. Fehsenfeld family members contributed $30,000. Pence received contributions of $10,000 to $12,500 from two dozen contributors.

Pence's GOP primary opponent, businessman James Wallace, reportedly has raised $1,000,000. According to reports on file with the Indiana Election Division, Wallace contributed $987,000 of his own money to his campaign. An insurance services company founded by Wallace, TWG Capital, is under scrutiny by the federal government according to recent reports by the Chicago Sun-Times because of capital it received from a Chicago-based venture company. Cardinal Growth owes the Small Business Administration more than $20 million which it borrowed to help fund a number of businesses, including TWG Capital. The federal government has taken control of Cardinal Growth and, according to the Sun-Times, it is seeking to liquidate several of the businesses that received money from Cardinal Growth, including TWG Capital. Cardinal Growth has financial ties to Patrick Daley, son of former Chicago Mayor Richard Daley, which may have helped some companies that received funding from Cardinal Growth land lucrative city contracts while Daley was mayor. The two principals of Cardinal Growth serve on the board of directors for TWG Capital.

On the Democrat side, former House Speaker John Gregg has reportedly raised more than $700,000 by the end of June. No reports are on file yet for him as his committee is currently set up as an exploratory committee. His exploratory committee's first report, which is oddly chaired by Marion Co. Auditor Billie Breaux, will be due by July 15.

UPDATE: James Wallace appeared on Abdul Hakim Shabazz' WXNT show this morning. He says he will report for the quarter contributions of $930,000 that includes contributions from family and friends. The large contribution reports already on file with the Elections Division shows contributions of $987,000 from Wallace in the form of loans. I'm not sure how that comports with what he said on Abdul's show. Shabazz, disappointingly, asked Wallace nothing about the reports in the Sun-Times about the ongoing saga of his company's funding source, Cardinal Growth, and its ties to Patrick Daley.